Public CompanyGovt assures funds for NSDC
Finance Minister Pranab Mukherjee today announced the launch of the National Skill Development Corporation (NSDC) that aims at training about 500 million people by 2022 to meet the growing demand for skilled workforce in the country.
- Farm credit offtake rises 57% - India, Switzerland to renegotiate tax treaty under OECD - Govt constitutes EGoM under Pranab - FinMin expects RBI to maintain soft monetary policy stance">FinMin expects RBI to maintain soft monetary policy stance - Farm credit offtake rises 57% during April-August - Centre, states to jointly work out CST compensation
The government may look for funding from multilateral and bilateral agencies for funding the activities of NSDC. At the launch of NSDC, Mukherjee assured the board members of constant availability of funds for the operation of the non-profit company.
“I have given directions for the Ministry of Finance to engage with multilateral and bilateral funding entities so as to ensure that resources of NSDC are periodically replenished,” said Mukherjee during the formal launch of the company organised by industry body CII.
NSDC has been incorporated as a non-profit organisation with the government holding 49 per cent and industry bodies owning 51 per cent equity in it. The corporation came into being in July 2008 and was launched today.
The finance ministry has promised to contribute around Rs 1,000 crore, of which the corporation has till date received Rs 200 crore.
Such a goal is based on a sector-wise study, which revealed that the industry would need around 151 million skilled people by 2022, the maximum of 47 million in the construction and real estate sector.
The corporation will also focus on the unorganised sector like that of drivers and housemaids as about 84 per cent of the jobs are created in this sector.
The company has till date received nine proposals and has accepted two of them. The accepted proposals are from gems and jewellery export promotion council to set up a skill development institute and that of self employed women’s association (SEWA) to train women workers across 15 sectors. These two projects are expected to provide about 2 million skilled people in the industry by 2016.
Mukherjee urged the company, headed by private players to establish convergence with skill development programmes being run by 17 different ministries. He also called for setting up of sector skill councils.